USDJPY Analysis – December 31, 2011

USDJPY continued its sideways movement in a range between 75.57 and 79.52. The pair has formed a cycle top at 78.21 on daily chart. Further fall to test 75.57 previous low support is expected next week.

For long term analysis, USDJPY had formed a cycle bottom at 75.57 on weekly chart. Further rally towards 85.00 would likely be seen over the next several weeks.

usdjpy daily chart